Penfold Capital Acquisition IV Corporation Releases Third Quarter Financial Results

TORONTO, Aug. 28, 2013 /CNW/ - Penfold Capital Acquisition IV Corporation (the "Company") (TSXV: SEL), has released its unaudited condensed interim consolidated financial statements for the three months and nine months ended June 30, 2013 and the related management's discussion and analysis of financial position and results of operations ("MD&A").

Effective May 8, 2013 the Company completed the reverse takeover ("RTO") of SLM Logistics Corporation ("SLM") and the current year results as well as prior period comparative information reflects the results of SLM as it is the continuing entity for accounting purposes.

For the nine months ended June 30, 2013 the Company had revenues of $2,447,000, a 3% increase over the $2,367,000 in the same period last year.  The Company lost $185,000 or $0.01 per share compared with net income of $118,000 or $0.00 in the previous year, however, the current year expenses include $321,000 in RTO costs that were not incurred last year as well as non-cash costs for stock-based compensation of $8,000.  Excluding these items the company would have earned $144,000 in pre-tax income, an 8% increase compared to the same period last year.

"We are already starting to see the benefits of our decision to go public with the acquisition of RL Marketplace announced subsequent to the quarter end", said Vito Buffone, President and Chief Executive Officer.  "We are working on several internal and external growth initiatives and look forward to reporting these results in the coming quarters."

Copies of the unaudited financial statements and related MD&A can be found on SEDAR at www.sedar.com.

About Penfold Capital Acquisition IV Corporation

The Company, through its wholly owned subsidiary SLM, is dedicated to managing consumer and retail store returns and defective and problematic electronics through product end-of-life management. The Company manages returns from receiving to end-of-life with quality assurance testing, factory servicing, resale through non-traditional channels and recycling of non saleable product to support a closed-loop distribution process. The Company is able to recycle the non-saleable returns it receives, thereby allowing customer returns to have a very low environmental impact. An independent Waste Audit Report shows that the Company is able to achieve a waste diversion rate of 98.6%. This means that companies using the Company's processes are able to divert 98.6% of their product from landfill sites. The Company is currently working on rolling out this product offering to retailers to allow them to capture the environmentally conscious consumer. The Company currently operates only in Ontario.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward looking information is typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking information provided by the Company is not a guarantee of future results or performance, and that actual results may differ materially from those in forward looking information as a result of various factors, including, but not limited to: the state of the financial markets for the Company's securities; the state of the industry; recent market volatility; the Company's ability to raise the necessary capital or to be fully able to implement its business strategies; and other risks and factors that the Company is unaware of at this time. The Company expressly disclaims any obligation to update any forward-looking statements except as may be required by law. 

SOURCE: Penfold Capital Acquisition IV Corporation

Vito Buffone
Chief Executive Officer
Email: [email protected]

Paul Haber
Interim Chief Financial Officer
Email: [email protected]